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and become the obama tax cuts, right? i think that's what conservatives and republicans should be most worried about from a long-term political perspective right now. i mean, in a sense, they have sort of -- they have won a particular policy battle in the sense that most of the bush tax cuts, both parties believe should be extended. right? we're talking about 97%, 98% of the bush tax cuts. you could say that's a policy win for republicans, but if those tax cuts ended up getting branded as obama's tax cuts that he passed after we went over the fiscal cliff, it then loses whatever upside there was for republicans, except, and we have to mention this, for republicans vulnerable to primary challenges, there's obviously a lot of anxiety about being, you know, the first republican in 20 years to vote for a tax increase. i think that's the big fear, that it's been so long. republicans haven't cast this kind of vote. you don't want to be the first one to do it. >> yeah, and charles, we're told the democrats may be waiting until the very last minute. maybe they're banking on pressure and the go
of it and the bush tax cuts then become the obama tax cuts and he seems like the guy that is the tax cutter in all of this and this is a strategy, a plan from the very beginning. >> i don't think that is going to happen. i think the key is whether boehner uses the hastert bill which was to never put a bill forward that the majority in the party is not going to vote for. if he will put the hastert rule aside and give republicans a path to vote no that allows the president and the democrats to add their votes where the minority of republicans to pass this thing and i think bill cunningham is right about how this may well play out. i don't think the president want -- the president does not want to go over the cliff. the last thing he needs right now is to -- is to risk going into a second recession. the first one he can blame on push and democrats and i'm there with him. the second one will be his and on his watch. >> sean: there has been a bill in the united states senate that extends the bush tax cuts for everybody and he could at least -- they can temporarily pass that. it has been law since 2001
taxes from 35% up to 43.6% because you have to add both the obama care tax that's coming and the tax -- the disappearing bush tax increase. >> right. >> and this hits primarily, as you know, small business owners and people who file subchapter-s corporations. >> not primarily. it hits some of those people. >> well, over half of all the small business income that gets -- ends up paying this higher rate, if you do it, and the last time we did this, more than two-thirds of the people who got hit were the subchapter-s corporation. i think it would have a very significant effect. but mostly the other effect it has is that we're not cutting spending because we're spending too much money. and that sends a very bad signal. if we're not going to do entitlement reform, because every time we talk about it obama says, no, let's raise taxes instead, now we're dealing with tens of trillions of dollars of unfunded liabilities that were not -- for four years obama's done nothing on entitlement reform. nothing, nothing, nothing, for four years. a lot of golf. nothing on entitlement reform. what has h
, obama says my plan is that if you make less than $200,000 you'll see no income tax increase next year, so obama's new commitment is only the income tax, only for one year. >> right. >> and, of course, we're all paying higher taxes in january because of obama care. >> okay. >> taxes on capital gains. >> let me ask you this though, grover. i can imagine you wear it as a badge of honor to this the senate majority leader on the floor of the senate invoking your name in frustration because there are people on the republican side who are, you know, following your -- your lead to not raise taxes, but let's face it. you were in -- you were imposing this no higher tax in a different era, at a different time, in a different part of the economic cycle. aren't we at a point now economically where there has to be some mechanism of revenue raising to try and solve the debt crisis? yes, i know you're going to talk about spending cuts. that's important as well, but you've got to balance the budget in some way, and it's got to include some form of a tax increase, not just on million dollar earners, ag
austerity way too quickly. president obama is not asking for that much in taxes. it's worth getting a bit of perspective in here. you'll be shocked to know, we got a graph for that. here's what happens if we go over the cliff. you get more than $5 trillion in tax increases off the bat. and now here's what happens if we pass the sainted simpson bowles plan. you've heard of the plan. they have 2.6 trillion in tax increases. president obama's latest offer to john boehner has 1.2 trillion in taxes. that is half as much, less than half than simpson bowles, and less than a quarter of what is in -- simply going over the fiscal cliff. i think the tax increases are too little. they are what they are. and it's something to remember as we reach the edge and you hear a lot of complaints about the tax side of obama's offer. what he's asking for in terms of tax increases is not that radical, it's way less than if we don't reach a deal. contrary to what you may have heard, republicans want to raise taxes too. shocker, right? >> the superficial take on this, the argument between democrats and republicans
of obama and his taxes and spending. gerri: i don't understand why people aren't marching on the hill. i really don't. this is what we hired them for, to iron out these differences, and no one is doing the job. let's take a look at the numbers for folks that are married. if you make $50,000 per year, you'll pay an additional $2000 in taxes. if you pay $100,000, an additional $446 in taxes. the list goes on. you make it to make a million dollars, an additional $50,000 in taxes. this will cause people to reinvent the way they lived day-to-day. i don't see why people are upset about this. they should be. but all of the tax cut that you just mentioned, it is due to the disappearance of the bush tax cuts. the democrats all voted against the bush tax cuts. so they voted to keep those tax increases, not next year, but for the previous 12 years. so you have a very big fight in washington. the democrats have opposed the bush tax cuts, call them names, said they were for rich people, now that they are about to disappear, they are running for the hills. because they know that that was the tax cut t
, instead just voting to reinstate a tax cut, that then it sort of president obama's tax cut so he gets credit for that. >> do you have any sense of what will happen around that table today? who called the meeting if there's an agenda or are they going to sit around and stare at each other until one of them blinks? >> we don't have a sense. i'm sure that we will be getting a sense. this is supposed to take place at 3:00 p.m. at the white house. the vice president, president and four top congressional leaders. we don't know what will be said. i think we will likely hear from some camps afterwards. >> if you are wondering what a trip down the fiscal cliff might mean for your paycheck, for your 401(k), look no further than yesterday's dow. at the opening bell, a dive of more than 1%. investors finding little hope for the fiscal cliff compromise on capitol hill. when word came down two sides might be meeting. reversal of fortune. the dow rebounding for a while before finishing slightly lower. >>> a nation this morning remembering the american general credited with orchestrating one of the m
the between democrats and republicans continues to be over the threshold of tax increases. president obama campaigned on raising taxes on income over $250,000. while many congressional republicans have pushed back against any tax increases. president obama is placing the blame for the impasse on the gop. >> they say that their biggest priority is making sure we deal with the deficit in a serious way. but the way they're behaving is that their only provide or the is making sure that tax breaks for the wealthiest americans are protected. >> reporter: but senators say there is some movement on the issue. >> there's a lot of give and take going on right now. but republicans don't want to see new revenues -- in other words, democrat tax increases -- being used for new spending. >> reporter: the president has said if there is no deal by the end of the day, the senate should draw up legislation to extend the bush-era tax cuts for the middle class. >> there should be an up-or- down vote. everybody have should a right to vote on that. if republicans don't like it, they can vote no. but i actually t
. let's write a new book. by the way, those are now going to be called the obama tax cuts. i'm calling it first. the obama tax cuts. he's going to write a tax cut bill, send it up to the hill, and they're going to pass it. >> expires on january 2nd. >> do we make them permanent, jimmy? 98% of them will be made permanent? >> i hope not. that is not the job of the government. the government's job is to raise taxes and to lower taxes when our economy needs it. that's what the senate does. john breaux, former senator john breaux from louisiana sat on the floor during the 2001 tax bill and said our job is to raise taxes when they need to be raised and lower them when they need to be lowered. that's the senate and the house's job. >> but, one man's -- is another man's -- if you look at the laugher curve you don't know when to raise and when to lower at this point. >> president obama kept bush's taxes in for two years. >> i know. >> but suddenly, you know, democrats like you love the 98%, and you hate the 2%. it's very weird. >> tell him, joe. >> don't hate the 2%. i'm not a self-loathing hat
. and the third part is $1 trillion in obama's taxes. that's the obama care taxes they hid from you because they're all scheduled to come in after he got safely elected. >> let's go back to the bush-era tax cuts. for you, given your position, that's really what we want to focus on here. you make the point that democrats could have voted before when they had super majorities or big majoritiemajo and that's a fair point. but in part thanks to you, voting for tax increases is a political death for republicans and democrats. that brings me to my next question. i've talked to republicans and democrats who think we are going to go off the cliff, and here's the reason why. if we go off the cliff, everybody's taxes go up automatically. then congress can come back in january and vote for a tax cut as opposed to tax increases. what do you think about that? >> one of the challenges, of course, is people see this happening. they realize the president has not been negotiating at all over the past three months. we learned days and weeks and months afterwards that they had non-meetings where this is going on.
're not adding in the obama increase in petrol taxes. it's over 40 percent. that it's all businesses, subchapter s corporations, elsie's. the larger corporation, the corporate tax rate goes down. that makes them feel good. the businesses that will be hit by these tax increases are the very small and midsize businesses that create jobs ame people that get hit with obamacare, the energy increases, and a larost increases. lou: what if i told you that it makes some sense. give him at the margin what he wants on taxes. whether that's on investment tax , camping deductions. basically what mitt romney was proposing. get that done. then say what you going to do? you going to still be left if you roll all of hat up. you will still be left with a huge deficit. it's going to have to mean cutting the federal budget. >> even if we increase the tax rates, the top 1 percentn this country makes seven timbers of the income. 37 percent of the taxes.. so a fair share argument really is it -- lou: you're getting a again start out ere. yourast shot. >> mr. president, please, pase work with the business community. we
about raising taxes on rich peel. obama care does raise taxes on rich people to pay for health insurance for poor people. that is fact number one. number two, as you are ringing in the new year, think about the fact that health care for the poor will actually be improving this year. there are more than 50 million people on medicaid. medicaid is the main program used to give health care to the poor and to the children in this country. medicaid is super cheap. it is way, way cheaper than private insurance or medicare. and in part it is so cheap because it pays doctors a lot less than those programs do. that means a lot of doctors, particularly primary care doctors, don't want to participate in medicaid or they can't afford to. so a lot of folks on medicaid have trouble actually getting care. doctors who accept medicaid coverage are going to see a 73 -- primary care doctors i should say. a 73% raise in 2013. which means those folks will have more access to more doctors. so we're not just expanding health care for the poor in 2014. starting in 2013 we're making it better health care. that is
cliff package that president obama laid out on friday, which moved the tax hike needle to $400,000. no word yet on when the house of representatives might come back, but democrats say the only hope we have of something getting through the house, the senate and the white house may be a very last-minute deal. cnn radio's lisa is following developments on capitol hill right now. the ball is in senate majority leader harry reid's court it would seem right now, lisa. >> that's right. harry reid and the senate seem to be the only game in town right now with the senate returning today. we also know from sources, ali, that over this christmas break there were no conversations between the president and top-level republicans. sources from both parties are telling us they are watching the senate, especially the democratic leadership in the senate. we also know yesterday house republicans came out with a statement saying that he will act only after the u.s. senate acts. we're not sure what the senate will do, as you say, we're expecting that smaller deal. what exactly will they vote on? pe
are going to go up next year also. >> maybe. >> taxes. >> president obama has never said anyone of those thing. >> happy new year. thank you very much. thank you very much. appreciate it. the night continues head over to cnbc.com for the latest. happy new year everybody and all of 2012. excuse me, sir i'm gonna have to ask you to power down your little word game. i think your friends will understand. oh no, it's actually my geico app...see? ...i just uh paid my bill. did you really? from the plane? yeah, i can manage my policy, get roadside assistance, pretty much access geico 24/7. sounds a little too good to be true sir. i'll believe that when pigs fly. ok, did she seriously just say that? geico. just click away with our free mobile app. [ male announcer ] how could switchgrass in argentina, change engineering in dubai, aluminum production in south africa, and the aerospace industry in the u.s.? at t. rowe price, we understand the connections of a complex, global economy. it's just one reason over 75% of our mutual funds beat their 10-year lipper average. t. rowe price. invest with con
. >> you are watching wbal-tv 11. this is 11 news at 6:00. >> in just 48 hours, taxes could go up substantially. president obama and house speaker john banner could not reach a compromise. it is now up to the leaders of the senate to try. they are working on a plan today. they're hoping to bring it to lawmakers to mark. >> as senate leaders work behind closed doors, president obama and republicans issued it messages on the web. >> we cannot afford itself- inflicted when to the economy. the economy is growing. keeping it that way means the folks you sent to washington have to do their jobs. >> if the nation goes over the fiscal cliff, each side says the other is to blame. correct we can still avoid going over the fiscal cliff if the president and senate step forward and work with republicans to solve the problem. >> all over the country, uncertainty is in the air. >> it is not a matter of whether i will pay might not like bill, but it will the played my savings. >> it is the perceived impact that could cause a drop in sails. >> getting a deal is up to the 's top democrat and republ
as a tax hike and believing the bush rates intact and then calling it a tax cut and seems to matter to them and completely share the skepticism to sign off on anything you're talking about but from the democratic perspective, the reporting s suggests obama putting on the table is 250 refundable. like that would be included, too. unemployment insurance. the dock first. the amt fix. included in anything. no matter what. i guess my question is, when you get the added leverage of the bush tax cuts expiring and the country probably blaming republicans for it, what is the rush for obama right now to do a deal? >> reporter: that is the suspicion that's shared by a lot of republicans taking it, steve, as almost an article of faith of three weeks, a month, that the president actually wants to go over the cliff and i'm not sure if that's true. i have no way of knowing if that's true. i kind of doubt it. if you look at it, the republicans lose a lot of leverage. they have painted themselves in to this corner. there's no denying that fact. john boehner obviously we know what happened last week. sifting
that every obama has tried to do. it's really over a tax increase, and for what? it's really to stop primary challenges. that's what this is all about. i mean, it's really bringing the country to a standstill for their own political short term. >> "new york times" is talking about the urgency issue in all of this, and lacking urgency that we have witnessed. they say, yeah, with days left before the fiscal punch lands, both sides are exhibiting little sense of urgency. rather than to foster progress. perry is that the biggest thing, the primaries moving out of this and how everything looks back? >> i think there are two things going on. the first is democrats generally feel they won a man dade. they're not backing down -- the second thing is the primary issue. you have members of congress say last week there was a proposal to raise taxes, and a lot of republicans said i can't vote for that, a million only tax increase. they were worried about primaries. that's driving this in a very strong way. >>> there are people in washington, d.c. that will tell us this is how it all happens. congressman
that president obama wants to raise taxes on. >> he was putting it at 400,000 senator, i want to move to the issue of guns. we heard what ray lapierre said earlier. he was singling out one of your colleagues. i want you to listen to part of his interview. >> you could ban all diane fine stein, done whatever you said to. she had insure bean and columbine occurred. >> is the revival of that ban, is that going to pass? >> i think that's a phony piece of legislation. >> so dianne feinstein was brought up i think five times in that interview. do you think this line of attack is going to work for the n perform a, piling on california lawmaker, from that state? pinches i think we have to take up all the issues. they mass killings have to stop and we have to do everything we can. it will include looking at how many bullets do you need in a magazine in a semiautomatic weapon? i don't know, but i'd like all the hunters to come to the table as well as the people who live in cities who do not want guns and want gun controls. we had need a real dialogue, not just a one-sided one. we need to talk a
. the hang up is the tax hikes on the rich. those making over $250,000 in the obama reposal or $400,000, a level that mitch mcconnell reportedly said he might be able to sel? republicans won the debate shifted. >> the talk about taxes, but what it should be about is what we want to talk about today -- the medicare fiscal cliff. >> no date to cut a day to reform entitlements by tuesday. >> if we do something right now to have long-lasting, adverse effects on economic growth, that will affect us for a long time. >> until the cliff, americans say fix the tax problem. >> it's so frustrating to see both sides so far apart. >> we should not be taxed more because they cannot work together. >> get the middle class down and figure of the rest of it come january, worst case. >> worst case? no deal on anything. some tea party republicans are ready to let everyone is taxes rise so they can quickly help fix the problem and claim they voted to cut taxes. wbal-tv 11 news. >> some good news and now with the ravens officially in the playoffs. now is your chance to get the post season tickets. >> if
republicans may believe, as steve said that raising taxes on people over 250 is a mistake, president obama ran very clearly on doing exactly that, won 51% of the vote, 332 electoral college votes, we are probably going to get there the question how much crockery do we break along the way? >> ron that's fine. let's be fair here. we have been negotiating this six weeks, since the election. the president, when i talk to my republican sources say, look, the president hasn't put anything serious on the table still on spending cuts, ron. i think that's, you're right urkts bo, both sides have to give a little bit here, i haven't seen much give on the democrats' side of the aisle here. >> the inability to comp prom my keith stone to democrat circumstance todd, why don't you weigh in on this. what is your feelings with what has to be dealt with by not just this congress but 1913th congress, numerology could worry you a little bit. >> stephen hit the nail on the head, talk about the spending cuts, that actually is not even in existence right now you right now you the top line issue has been about tax re
tax hikes don't go in to effect. president obama on friday saying he would accept a deal as long as it does not allow taxes to go up on middle class americans, as long as it extends unemployment insurance and lays the groundwork for deficit reduction in the future. so there's sort of scaling back their expectations. house speaker boehner tried to get an alternative bill passed through the house last week. that failed. the focus shifts to the senate. reid and mcconnell will really be charged with trying to hammer out the fine details of that deal that can make it through the senate and through the house so that is the challenge moving forward. of course, president obama here in hawaii for his christmas cray case. he played some golf over the weekend. also, attended the memorial service for the late senator daniel inouye. thomas, on a much lighter note, he asked me had i taken my flip flops out last hour. i hadn't but i did since my work is wrapping up for you guys, flip flops are out and i'm ready to join those folks on the beach behind me. >> i'm very proud of you. i don't want t
to the floor. >> in an afternoon briefing, president obama said he will not accept the deal that slashes spending without raising taxes, too. >> if they think that is going to be the formula for how we solve this thing, that is not how it is going to work. >> republicans reacted this way. >> i know the president has done heckling congress. i think he lost probably numbers of boats. >> he laughs and jokes and ridiculed republicans. >> both sides still have to sell any deal to their rank and file, and some democrats were not pleased. the senate may or may not vote on this tonight, but the house is adjourning and would vote on this tomorrow at the earliest. so technically, at least, the nation goes over the cliff at midnight. sally kidd, wbal-tv 11 news. >> maryland could lose hundreds of millions of dollars and tens of thousands of jobs if america does go over the fiscal cliff. researchers estimate maryland will lose millions in federal funding next year, money already in the state budget. an october report also estimates 53,000 full and part- time jobs would be lost in 2013. the state wou
, but that's where we are. >> reporter: president obama is pushing for a stop gap measure that would at least avoid tax increases on people earning less than $250,000. frustration is growing. a simple stop gap percent is not what men -- measure is not what many in washington hoped for. many blame president obama for the collapse of a bigger deal that would reduce spending and cut the country's debt. >> it is the president's responsibility to lay out a plan and to bring people together. >> house members don't get back here tonight sunday night. >>> president david wilson may be getting a remove of sorts after a lengthy public meeting months announced it is negotiating to keep him on until june 2014. his current contract expires in june of 2013. it was a rough year with two shootings on campus. >>> the russian president signed a law banning americans from adopting russian children. a law that people say is heartbreaking and punishes no one but the children. one family says he just signed a death notice for thousands of orphans in his country. >> reporter: you may have heard of her, she won thre
off to hawaii, president obama was prepared to accept a smaller deal as long as it prevented taxes from going up on middle class americans and extended unemployment insurance. >> i expect democrats and republicans to get back to washington and have it pass both chambers, and i will immediately sign that legislation into law before january 1st of next year. >> reporter: but americans say the uncertainty in washington is casting a cloud over their holidays. >> they are responsible for the well-being of all americans, and right now they're more woern wored about politics. >> i would tell them to get off their butts, because most of us aren't making six-figure incomes and we need every single dime that we have. >> reporter: now, if we go over the fiscal cliff, taxes will increase for most americans. lawmakers will return to washington later this week to resume negotiations. president obama is also expected to cut his vacation short. willie, back to you. >> kristen welker in honolulu this morning. thanks. >>> john harwood is the chief washington correspondent and writing for "the new yo
. in response to put up 800 million in tax revenue changing his entire mind and obama said basically i don't have to respond to this, i will just take it. >> president obama is governing as a negative way with an iron fist. he wants them to respect his perceived election mandate and friendly john boehner was acting in good faith because by allowing tax rate go up on certain segments of the population was compromising principles in hopes of something in return and the president offered nothing in return. gerri: there is a big storm, hundreds of flights have been canceled. it is very possible not everybody will be able to be there. with this disrupts the situation yet again? >> it could. one of my favorite movies is planes, trains and automobiles. why trouble are those in hawaii. it could be a problem. look, i agree with you, these are congressmen and congresswoman. if there is seriously a deal, they will find a way to get here and it will be done. gerri: there were all sorts of interesting stories, rumors about putting something on a table on sunday. some other information going to come out
. >> right. do you macro look at the obama care taxes as being a headwind? >> sure. it's 3.8% on not marginal income tax rates. it's unearned income. but whether it's medical device tax, a question i was going to have for les is whether he sees any delays. do you see any delays in any of the implementations of these. obviously whether it's in minnesota with respect to the medical device tax, senators are talking about delaying implementation until they study this further. do you see that happening? >> seems unlikely. i mean, i know as an ex-minnesotan that they would love to see this tax go away. i'm not sure that that's in the cards. i think it's a fait accompli. it will take longer than people think leading to chaos. in 2014, states that don't expand to medicaid, it's going to leave people in the hole in 2014. i'm not sure how these people will afford insurance without the subsidies. that's 2014, we'll come back next year and worry about that. >> pharma tech has nothing to do with obama care. >> absolutely not. that's why it's done well, between drugs and interest rates. >> so it had nothin
to get a deal for weeks and says the real problem that republicans won't admit that obama won the election. >> on taxes, i know it's hard for republicans but the president ran on the platform. 250. no tax increase for people below but taxes for people above. he won. 60% of voters said they were for it in exit polls including republicans. >> wake of house speaker john boehner's plan "b" failure, all eyes turn to senate leaders harry reid and mitch mcconnell and whether they work out something short of $4 trillion grand bargain. last-minute stop gap. attending tax cut for people making $250,000 or less. and unemployment benefits for 2 million people who will lose the benefits a week after christmas. >> it is going to be a patch. because in four days we can't solve everything. >> yet, other republicans note the president short-term fix raises some taxes, yet punt spending cuts until next year. >> i would vote for revenue, including the tax rate hike though i don't like them to get, to save the country from becoming greece. i'm not going to set aside the $1.2 trillion in cuts. >>
no deal. also, it could have been worse that is what we are hearing. dividends taxed at 23 percent with obama's health care rather than 43 percent, that is a sigh of relief. especially older people with fix the investment living east dividends. the big question to wall street is the debt ceiling. they are negotiating three month pause or one year pause. can you imagine how much deficit spending we can get in a year without a cap? >> i am thinking the stock market is because we have hours before the i ball drops, the calm before the storm and watch out wednesday. what do you think in. >> well, watch out wednesday, that is the point. if you look at market the last two weeks, people have been selling ahead of the deal so it is a sell the news type of issue. charles hit the point on the head. this is not a tax issue whether it is $450,000 or $500,000 or $1 million. it is the spending issue. the democrats want to raise the debt ceiling and do not want spending cuts cuts and no sequestration. >> what will happen on wednesday? >> again, i want to caution the stock market will not be the b
to force president obama and the senate democrats to agree on fundamental tax reform. what do you think about that? >> we will get fundamental tax reform i believe as a part of the debt ceiling debate. going over the cliff means that our economy goes in the tank. we've got a very small recovery going on here. it would destroy the recovery, and jon's son is a first lieutenant, going over the cliff means that we start to dismantle the best and finest military in the history of the world at the time we need it the most. so that is unacceptable, that means i've got to vote for something i don't like, raising rates is something i don't like. i think it's a bad idea. but it's going to happen because barack obama insists that it happen. but let me tell you this. he had the courage of his convictions to raise tax rates, i'm going to have the courage of my convictions not to raise the debt ceiling until we reform our nation and stop becoming greece and finally stop getting out of debt. i hope republicans will fight as hard on the debt ceiling as barack obama did on tax rate. uma: you call everyt
for. payroll tax, that's $160 million. we have obama care taxes. we know those are going through. >> the payroll tax number going up again? >> payroll tax, i think they're not going to extend it. so that goes up -- >> sooner or later they have to go up. >> that's $160 billion -- >> don't we need that money? >> funding social security. so it's very likely that that tax cut will not be extended into the new year. so there's a chance you have a mild recession, even in real terms, in the first half of next year. the good news, i think, my big prediction, i've had for awhile for whatever it's worth, i think we're developing a new nifty 50 in this country of very, very strong companies that are almost bond proxies. and i know a lot of people think they're expensive, but there's no other alternative. there's no other place to go. >> is the market priced appropriately for your estimation -- >> no, i don't think. >> for the first half of 2013. >> if you look at bottom of analyst estimates for 2013 they're still using 113, 114 for operating earnings, an 11% increase. that's with profit mar
of the democrats calling over themselves about what a tragedy it would be to have the bush tax cuts, that they opposed and spent ten years trashing, including obama, that if they lapse that would be the end of the world. we're making progress. democrats are defending the bush tax cuts for 98% of the american people. for 100% of the american people, we'll take that 99%, 98% of movement by the democrats toward the taxpayer position. >> get to the point, grover. i know this argument. >> we don't see it in the established press very often. >> we see you on establishment press pretty often. we spoke on friday afternoon and it was on tv all weekend. the argument that your thoughts don't get out there, all i got were tweets over you being on. >> we are very big on the first amendment at cnn. >> good, look. what we need to do is extend bush era tax cuts for every single american. boehner said let's get that done for 99% americans and he has two points of leverage over the next four years. this fight doesn't end in a week, okay? this is a long-slogging fight. no budget cuts on the table that
't going to work. one of our republican senators made up a pro pose yl to raise taxes and two senate democrats reported to have said wow. this is a break through. we can get a deal now. we'll be able to work this they go talk to president obama and hairy reid, come back to say, sorry we're not atloud work the deal. they didn't want to deal then. they don't want a deal now. it worked out well for them not to allow a deal last time. they blamed us last year. them and it worked and got go over the cliff? blame republicans. not let the senate pass anything. we get away with it, again. >> allmúwu right. here is the quandry l dilemma. congressman> i thin
at midnight. economists have been warning us the combination of tax hikes and spending cuts could cause another recession. now, president obama and the senate republican leaders say they are close to a deal to prevent tax hikes on the middle class. the trouble is, the house has gone home and won't be voting on anything tonight. >> for now, our most immediate priority is to stop taxes going up for middle class families starting tomorrow. i think that is a modest goal that we can accomplish. >> we all want to protect taxpayers, and we can get it done now. right now. >> trace: officials tell fox news agreement would let tax cuts expire on $450,000 instead of the president's cut off $250,000. extend unemployment benefits for another year it does not include any new spending cuts. of course, that's the other big issue in this fiscal cliff standoff. we have team fox coverage. mike emanuel is live on capitol hill. but first to ed henry at the white house. ed, it looks as if we are taking the plunge. >> it does, trace. but what i think the white house is hoping here tonight is that lawmakers ar
move legislation and get this averted before tomorrow. >> the taxes will go up on most americans. huge cuts kick in. >> i think it is obvious president obama wants us to go over the fiscal cliff. >> president obama blamed republicans. >> they say the biggest priority is making sure they deal with the deficit in a significant way. they are behaving in a way that they're only priority is that the tax breaks for the wealthiest americans are protected. blacks mitch mcconnell is vowing to find out. -- >> mitch mcconnell is vowing to find out. >> can the senate veteran help congress tumble to a deal on the last day? >> if we do go off the fiscal cliff, congress would be more likely to make a deal. members could claim they are cutting taxes. >> thank you. if america does fall off the fiscal cliff on the first of the year, maryland would be hit hard. hundreds of millions of dollars and tens of thousands of jobs lost. >> we have a lot of federal workers and businesses that rely on the federal government. many are watching the negotiations closely. if partisan politics prevail and they cannot re
because of surcharges on medicare and a payroll tax surcharge because of obama care, am i right on that? >> you're right. if you look at it, incomes are really going to go back to where they were during the meltdown. the american economy will not have moved forward for many households. >> and the payroll tax holiday will end automatically. an immediate 2% cut to disposable take home pay. thank you, michelle? >> you say sequester, i say sequester. let's call it all off. >> the dow is trying to hold onto the 13,000 level. let's see if it can hold by 113 points. 13.79 as it grows increasingly clear that they may not, probably cannot get it done. hamilt hampton pearson is here. >> we're down to, if you will, coffee cup politics. two simple words, rise above, on coffee cups and on cups of coffee at all 120 starbucks locations here in the washington area urging lawmakers and the white house to do something with these final days to get some sort of deal. about 500 cups of coffee on what is arguably a slow day just to get that message out, and what we're really finding in talking and spending a
emergeing for the worst recession since the great depression. president obama agreed to extend the tax cuts for two more years in exchange for congress extending federal emergency unemployment benefits. they are expensive if they are extended by 2020, they will be responsible for more than half the total national debt. democrats insist that taxes go up for the wealthy and stay in place for those earning less than $250,000 a year. >> we need to stop the job killing tax hikes and stop cutting spending now. >> republicans refuse to play ball. they say no higher rates on the rich and no tax hikes on anyone. based on an ideology that calls for government to be as small as possible. the roots are as old as american politics, but philosophy's main spokesman is this man. grove norquist, whose pledge signed by almost all republicans in congress forbid them from raising taxes ever under any circumstances. things come to a head in the summer of 2011. republicans demand the government reduce its deficit as a condition for raising the nations's debt ceiling. without a deal, the u.s. would lose its abili
with the obama white house. >> the president's statement is right. no one wants taxes to go up on the middle class. i don't want them to go up on anybody. i'm not in the majority of the united states senate. he is the president of the united states. >> when i listen to the president i think the president is eager to go over the cliff for political purposes. i think he sees a political victory at the bottom of the cliff. he gets all this additional tax revenue for new programs. he gets to cut the military which democrats have been calling for for years. and he gets to blame republicans for it. >> as a practical matter it's already too late for employers to accurately withhold taxes from january paychecks unless there is no change. so workers will feel immediately that 2% hike in the social security tax in those first january pay checks. bill? >> hampton, good to see you. merry christmas. we'll see you later. >> merry christmas to you. >> our next guest says he is unlikely to support any deal the president and speaker can come up with. republican senator joe walsh from illinois joins us right
? >> two years ago obama and the democratic house and the democratic senate extended all the bush tax cuts for two years. >> and at that time the president said it would not happen again. >> but the president also did it because he said it would hurt the economy not to. now that he's safely in his job, that doesn't seem to be keeping him up at night that other people may lose jobs. >> are you afraid, mr. secretary, that if the u.s. were to really go over the u.s. fiscal cliff that the economy would go back into recession, unemployment would go from 7% to over 9%. that thousands of people would lose their jobs? >> no, wolf. i don't think there would be a permanent situation where we went over the fiscal cliff and nothing was done. my point is that if we went over the fiscal cliff and tax rates went up and spending cuts were substantial, that republicans would be under a huge pressure, even greater pressure than they are now to agree to a democratic initiative to cut middle class taxes and also restore the spending cuts that really do need to be restored. especially for the middle class and
. >> reporter: when the clock strikes 2013, taxes go up on most americans. huge defense cuts kick in, which some republicans claim barack obama favors. >> it's obvious the president wants us to go over the fiscal cliff. >> reporter: on "meet the press," president obama blamed republicans. >> they say their biggest priority is dealing with the deficit, but the way they're behaving is their only priority is making sure taxes don't go up on the rich. >> reporter: the senate minority leader says -- >> i'm willing to get this done. but i need a dance partner. >> reporter: enter vice president joe biden, called by mcconnell. can the senate veteran help congress stumble to a deal on the last day? if not, and we do go off the cliff, congress could be more likely to make a deal and quickly, because then lawmakers could claim they voted to cut middle class taxes. i'm steve handlesman, news4, capitol hill. >> if nothing else, it looks like there will be a deal to keep the price of milk from skyrocketing. leaders have agreed to a one-year ex-tense of the 2008 farm bill that expired in october. the deal will
: thank you. a federal tax credit for wind power producers expires in 2013. the obama administration is pushing for new taxpayer support for wind projects. with our budget deficit soaring an intense debate is heating up over whether the government should be throwing your tax dollars at industry the first place. i asked robert bryce, senior fellow at the manhattan institute about this issue. let's start with the tax credit. >> sure. gerri: this is industry, let's face it they don't have a whole lot to show for themselves yet we subsidize them to the tune of $1.2 billion. why? >> remember the industry said we're all about reducing carbon dioxide. that was the whole argument. now it shifted we create jobs argument. if congress does not extend production tax credit we'll lose 37,000 jobs. they might get an extension but there is big push among utilities, a lot of groups to end the tax credit and it very well could be ended. gerri: it doesn't work that well. 84% fail to produce electricity when the demand is great. as a solution to our energy problems how would you rate it? >> it is not a
obama to discuss ways to avoid the hundreds of billions of dollars worth of tax increases and spending cuts that hit in just four days. the meeting broke up about 45 minutes ago. cnn radio capitol hill correspondent lisa awaited the leaders' arrival. lisa, let's talk about what we can look for out of this meeting. is there any chance at all to get a deal before the clock strikes midnight on the 31st. >>. >> reporter: right. i think the key player is mitch mcconnell to watch. we're getting potentially more information about what is happening next. our capitol hill producer deidre walsh was there when some of the leaders returned and she spoke with nancy pelosi who said this meeting was constructive and candid. here's what is especially interesting. nancy pelosi told reporters that the president led a meeting that ended with senators reid and mcconnell trying to work something out between the two of them. now it seems like we've gone from a process that was president obama and speaker boehner and then today to five leaders back to two. and those two, for the moment, seem to be senator re
the tax hikes and budget cuts that could sink the economy. president obama is rushing back to washington. the question is what kind of reception will he get from the lawmakers he has been negotiating with. >> we have our political insiders coming up. santho, ho, ho!anta! santa! want to see some magic? watch this! merry chr... (crash) ow! i landed on my keys. did you get that? oh yeah. that was amazing. here you go. that was a fun trick! see? santa's okay. walk it off santa. share videos instantly with s beam. on the galaxy siii and note ii. for a limited time get two flip covers for the price of one. exclusively at verizon. anyone have occasional constipation, diarrhea, gas, bloating? yeah. one phillips' colon health probiotic cap each day helps defend against these digestive issues with three strains of good bacteria. approved! [ female announcer ] live the regular life. phillips'. [ female announcer ] live the regular life. sfx- "sounds of african drum and flute" look who's back. again? it's embarrassing it's embarrassing! we can see you carl. we can totally see you. come on you're bet
the taxes on estates worth more than $5 million and extend unemployment benefits for one year. president obama said he would have preferred a grand bargain that solved all of washington's revenue and spending problems. >> with this congress that was obviously a little too much to hope for at this time. it may be -- and maybe we can do it in stages. >> negotiations have been going on all day. lawmakers and aides moving back and forth between meeting rooms here on capitol hill on what is normally a quiet new year's eve. the major sticking point now is spending. the president suggested lawmakers take action on deficit reduction in the next few months and that more tax revenue could be involved in those discussions, but republicans are furious at that possibility. >> i'm willing to support revenues to deal with this problem. the overall problem. but what i will not agree to is using revenues to replace spending reductions. >> reporter: even if the senate approves the deal by midnight, the house still has to pass the measure before the president can sign it into law. randall pinkston, cbs ne
faces massive mandatory tax increases and federal spending cuts on january 1st. meanwhile one republican congressman says president obama wants america to go over that cliff >> it is unclear when the president will return from hawaii. staffers for both sides are expected to be communicating over the next few days >> egypt's leading opposition party says it plans to appeal the results of yesterday's constitutional referendum. preliminary results show the new constitution passed with 64- percent of the vote. but opponents say it limits their rights -- and is not legitimate because the voting procedure didn't follow guidelines. parliamentary elections are scheduled in two months -- and the opposition hopes to present a united front by then. some 68-percent of egyptians did not vote in the referendum. >> former president george h. w. bush is showing signs of recovery but may not be home to celebrate christmas with his family. he has been hospitalized since november with a brown tide is related cough. in a statement from hospital his doctors are optimistic he will make a full recovery. how
for sort of a shorter term emergency kind of a deal. with that in mind, let me lay out what barack obama could propose in this meeting today if he lays something out. it would start with extending the tax cuts for those under 250, maybe 400 as some have said and up to $500,000. unemployment extenders for those on unemployment who face that being turned off at the end of the year. a medicare doc fix as they call it and a turnoff of the sequester in exchange for some larger spending cuts tpd. that is the outline of what a small deal could look like. guys, we don't have a whole lot of information on what's going to happen in that meeting. i should also mention that joe biden, the vice president, will be in there. of course, he led some of the early talks and they were all about trying to avoid this problem a year or more ago. those got nowhere. the talks over the summer got nowhere and so far the talks that are going on now have gotten nowhere as well, michelle. >> eamon, the last two things that you talked about, the doc fix for medicare, you don't cut what you pay doctors for medicare. >>
a deal or work something out. president obama says he is modestly optimistic that negotiations could prevent these huge tax hikes and spending cuts from kicking in. >> we don't yet see an agreement, and now the pressure is on congress to produce. if they don't, what i've said is that in the senate we should go ahead and introduce legislation that would make sure middle class taxes stay where they are, and there should be an up or down vote. everybody should have a right to vote on that. if republicans don't like it, they can vote no. >> brianna keilar, she's at the white house. brianna, they're saying they're going to come back to work in a couple of hours. a lot of people have been up a lot longer than that, up earlier, trying to figure out what's going on here. i understand you do have some news. potentially there's a new offer on the table. >> reporter: that's right. according to democratic sources, suzanne, they have gone up to $450,000 as the threshold for those income tax rates for where those bush-era tax cuts would expire. so beyond $450,000 for a family. this is somewhat sig
to avoid the tax hikes and spending cuts that go into effect on the first of the year. president obama had been working with house speaker john boehner and trying to get a big deal that dealt with tax reform and deficit reduction. that fell apart and talks have largely been stalled this entire time. there was a lost pressure to get something done. we have seen some of the impacts of the fiscal cliff. consumers saying they have been more cautious with their holiday spending because of the uncertainty in washington. economists warn it could get worse and the markets could be foiled if we go over the fiscal cliff. taxes will go up for the average american by about $2,000 and could put us back into a recession. >> which nobody wants to see. kristen welker in hawaii. the president is coming back, but they haven't gotten the 48 hour notice. they are very much out there in play. thank you very much for joining us. appreciate it. when the senate returns tomorrow morning, there will be a new emphasis on members taking a larger role in the fiscal cliff negotiations that based off the current offer m
to a close, the head of aetna is back with us winding up for higher taxes in 2013 thanks to obama care. wait until you hear how high he thinks they could go. you're watching cnbc, first in business worldwide. stamps.com is the best. i don't have to leave my desk and get up and go to the post office anymore. [ male announcer ] with stamps.com you can print real u.s. postage for all your letters and packages. i have exactly the amount of postage i need, the instant i need it. can you print only stamps? no... first class. priority mail. certified. international. and the mail man picks it up. i don't leave the shop anymore. [ male announcer ] get a 4 week trial plus $100 in extras including postage and a digital scale. go to stamps.com/tv and never go to the post office again. >>> well, we're getting numbers in. turns out retailers saw the weakest holiday season since 2008 hurt by bad weather and more uncertainty about the rising tax increases that could come next year. we're wondering if the concerns will continue to keep shoppers from spending into 2013. >> let's ask our guests. ladies, thanks
. >> juliet: president obama continues to push for tax hikes on the rich. and france lost a bid to raise taxes and he want today raise to 75%. now, there weren't a lot of people he was focused on, really not that much money, he was going to raise, but the fact is he wanted the french judicial council, however, said it would have been excessive and unconstitutional. joining us-- >> sorry, dave. >> dave: and for tax foundation from the heritage foundation. >> juliet: good morning, curtis. >> good morning. >> dave: what's the deal here, the decision made is not unconstitutional, but bottom line, bad for the economy? i think we can learn from this? >> that's right, the court has bailed them out. and the tax increase, 75% rate was going to really damage the french economy. the french economy's already strugglingling and adding on the economy would be worse. >> i'm looking at it, expected to be a temporary two year measure and affect 1500 people and raise less than 661 million dollars. >> but the revenue we brought in, and what it would have done, it would have reduced the incentives, and working an
makers face a 2.3% excise tax starting in 2013 under obama care. it's been a head wind for stocks like boston scientific and striker. any kind of reprieve on that rate is going to be a positive for the sector. >> reporter: the biggest story of the year will be the buildout of the state health exchanges. the federal government has to build 32 of them for states opting out, along with a complex central data hub to manage eligibility and subsidy payments. it will be little short of a miracle to get the online insurance marketplaces up and running smoothly by october 1st, when millions of uninsured americans are supposed to start signing up for obama care coverage. >> so what rule will have the biggest impact on the health care industry and who will be most affected? joining us now, max nissan, corporate strategy reporter with business insider. max, you have done some work on this. what do investors need to know from your point of view? >> from my point of view, what you have coming in 2013 and 2014 is a rollout of all of the really big provisions of the health care act that we haven't see
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